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Thursday, January 23, 2014

RBI Moves to Curb Black Money

In a move that is likely to hit currency hoarders and counterfeiters, the Reserve Bank of India (RBI) has decided to withdraw from circulation all currency notes issued prior to 2005. “From April 1, the public will be required to approach banks for exchanging these notes. Banks will provide exchange facility for these notes until further communication,’’ the RBI said on Wednesday, clarifying that notes issued before 2005 would continue to be legal tender.